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Sidley Austin reports major earnings for 2005

Chicago's top-rated Sidley Austin has reported a 21% rise in profits per equity partner. Profits per equity partner at Sidley Austin have grown to $1.23 million per year, as compared to $1.02 million in 2004.

In 2004, Sidley Austin became the fifth U.S. firm to post more than $1 billion per year in revenues. Their revenues increased by 9% to $1.12 billion in 2005. The firm also made great strides in expanding their European presence, adding several attorneys to their offices in Germany and Belgium.

03-03-2006

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Bingham McCutchen acquires Swidler Berlin

Bingham McCutchen has inked a deal to acquire Swidler Berlin's Washington DC office. This is Bingham's sixth merger since 1997. The merger will create a 950-lawyer firm with annual revenues of more than $700 million. The two firms' managing partners will oversee the merged firm jointly.

The merger is expected to stabilize Swidler, which recently suffered the departure of its 10-person bankruptcy team to Orrick, Herrington & Sutcliffe. The firm also faced major losses after the tech boom, which reduced its total staff from 233 in 2001 to 171 in 2004. In addition, last year, the firm lost its entire New York office to Dechert.

Bingham will triple its head count in the merger, adding 115 Swidler attorneys. The firm, which specializes in SEC issues, will also add practices involved in telecommunications and lobbying.

03-02-2006

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U.S. firms offering UK training programs

Several major U.S. firms have formally announced training programs in London. The trend began with Skadden Arps Slate Meagher & Flom and Orrick Herrington & Sutcliffe last year.

Morrison & Foerster is holding interviews for its first U.K. summer program. The selected trainees will study litigation, corporate, and technology law, pending the firm's application to the Law Society.

Other leading firms, namely Latham & Watkin expects its first trainees to join in next month and first full intake due in 2007. Gibson Dunn & Crutcher and Milbank Tweed Hadley & McCloy are still to launch a formal trainee program in their London offices.

03-02-2006

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U.S. firms offering UK training programs

Several major U.S. firms have formally announced training programs in London. The trend began with Skadden Arps Slate Meagher & Flom and Orrick Herrington & Sutcliffe last year.

Morrison & Foerster is holding interviews for its first U.K. summer program. The selected trainees will study litigation, corporate, and technology law, pending the firm's application to the Law Society.

Other leading firms, namely Latham & Watkin expects its first trainees to join in next month and first full intake due in 2007. Gibson Dunn & Crutcher and Milbank Tweed Hadley & McCloy are still to launch a formal trainee program in their London offices.

03-02-2006

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Major U.S. firms awaiting permissions to practice in China

Morgan Lewis & Bockius received permission from China to open an office in Beijing. The appointment of Lucas Shen-Lun Chang and Xuting (Peter) Zhang reinforces the firm's ongoing commitment to expand its intellectual property and corporate transactional practices in the Asian market.

The news brings hope to the long queue of U.S. firms looking to make their mark on this burgeoning market, such as Thelen Reid & Priest, Pillsbury Winthrop and Orrick, and Herrington & Sutcliffe. Davis Polk & Wardwell and Sheppard, Mullin, Richter & Hampton are also planning to file for permission in the coming weeks. All are anticipating a year-long wait before new practices in China can be launched.

Other firms have entered the Chinese legal market by partnering with local Chinese firms. Paul, Hastings, Janofsky & Walker partnered with Hong Kong firm Koo & Partners in 2002 and later opened its own Shanghai office. Heller Ehrman, which has a strong presence in China, launched a practice in Beijing three years ago, and they are currently planning to open a new office in Shanghai.

03-02-2006

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White & Case shuts down its San Francisco office

White & Case has announced that its San Francisco will officially close this June. The New York-based giant will now have only five offices in the U.S. out of 37 worldwide.

The firm intends to focus more exclusively on technology matters in the Northern California region through its Palo Alto office. The firm's Palo Alto office was opened in 1999 and doubled its lawyer headcount to almost 30 last year.

The future of White & Case's San Francisco's office's nine partners, 11 associates and two counsels is currently being discussed. It is expected that some of the lawyers will move to Palo Alto and others may relocate to New York or London.

03-01-2006

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Top-50 firms report major growth in 2005

2005 was a landmark year for several major law firms across the U.S. White & Case became the sixth U.S. law firm to post revenues exceeding $1 billion, while New York's Paul Weiss Rifkind Wharton & Garrison and Cadwalader Wicker-sham & Taft saw a marked rise in partner profits. Reed Smith posted a 12% increase in domestic revenue and 15% revenue increases in their U.K. offices.

Among the leading New York firms, Shearman & Sterling reported global revenues of $830 million and profit per equity partner increases of 20%. Cravath Swaine & Moore posted a net profit rise of 30%, although the average PEP increased 20% due to an increase in the number of partners in 2005.

Leading the West Coast firms was Morrison & Foerster, which is reported to be the top-grossing Bay Area firm for 2005, with revenue up 16% to $687 million. Revenue at Orrick Herrington & Sutcliffe also saw a boom, up 14% to $554 million.

03-01-2006

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